Published on Monday, March 19, 2012
The UK is one of the most internet-based economies in the world according to researchers at the Boston Consulting Group (BCG).
Worth £121 billion in 2010, it contributes to 8.3% of the UK economy, growing at a faster rate than other countries.
The UK also carries out far more retail online, reports the BBC.
Some 13.5% of all purchases were done over the internet in 2010, according to the study, and this is projected to rise to 23% by 2016.
Researchers predict it will continue to expand at a rate of 11% per year for the next four years, reaching a total value of £221bn by 2016.
That compares with projected growth rates of 5.4% in the US and 6.9% in China.
It’s become such an important part of life that a quarter of those surveyed said they would consider giving up sex for a year in order to maintain their broadband connection, while 65% would give up alcohol, 76% chocolate and 78% coffee.
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The recent insolvency of Low Cost Travel Group, one of the large players in the travel industry had a big impact on the travelers, hotels and all related players from both wholesale & retail arms. There were about 27,000 people on a holiday who had booked through the company comprised of a €200 million wholesale arm and €500 million OTA / retail arm.